INVESTOR PRESENTATION

February 2004

P u b l i s h i n g G r o u p, L L C

2

Forward looking statements

This presentation contains forward-looking statements as that term is used under the Private

Securities Litigation Act of 1995. These forward-looking statements are based on the current

assumptions, expectations and projections of the Company's management about future

events. Although we believe that these statements are based on reasonable assumptions, the

Company can give no assurance that they will prove to be correct. Numerous factors,

including those related to market conditions and those detailed in the confidential offering

memorandum and from time-to-time in the Company’s filings with the Securities and Exchange

Commission, may cause results of the Company to differ materially from those anticipated in

these forward-looking statements. Many of the factors that will determine the Company’s

future results are beyond the ability of the Company to control or predict. These forward-

looking statements are subject to risks and uncertainties and, therefore, actual results may

differ materially. The Company cautions you not to place undue reliance on these forward-

looking statements. The Company undertakes no obligation to revise or update any forward-

looking statements, or to make any other forward-looking statements, whether as a result of

new information, future events or otherwise. All references to “Company” and “MORRIS

PUBLISHING GROUP, LLC” as used throughout this presentation refer to MORRIS

PUBLISHING GROUP, LLC and its subsidiaries. All references to “Issuer” as used throughout

this presentation refer to MORRIS PUBLISHING GROUP, LLC

3

Earnings before net interest expense, including amortization of debt issuance costs, provision for income taxes, depreciation and amortization expense (“EBITDA”) is not a measure of performance defined in accordance with accounting principles generally accepted in the United States of America. However, we believe that EBITDA is useful to investors in evaluating our performance because it is a commonly used financial analysis tool for measuring and comparing media companies in areas of operating performance. EBITDA should not be considered as an alternative to net income as an indicator of our performance or as an alternative to net cash provided by operating activities as a measure of liquidity and may not be comparable to similarly titled measures used by

other companies.

Data on our market position and market share within our industry is based, in part, on  independent industry publications, government publications, reports by market research firms or other published independent sources, including Newspaper Association of America and Audit Bureau of Circulation statistics.

Definitions & sources of information

4

Senior management team of Morris Publishing Group, LLC

William S. Morris IIIChairman

Years of experience: 46

William S. Morris IVPresident & Chief Executive Officer

Years of experience: 13

Carl N. CannonExecutive Vice President Years of experience: 38

James C. CurrowExecutive Vice President Years of experience: 39

Craig S. MitchellSenior Vice President Finance & Treasurer &

SecretaryYears of experience: 9

Steve K. StoneSenior Vice President &

CFOYears of experience: 24

5

Years of history and experience

1785

1929

1945

1983

1995

1966

1970

2000

Founding of the Augusta Gazette, now The Augusta Chronicle

William S. Morris Jr., father of today’s CEO, joins Augusta Chronicle

William S. Morris Jr., purchases controlling interest in the newspaper

and fully acquires in 1955

William S. Morris III becomes publisher of the Augusta newspapers

Morris Communications Company is established

Morris purchases The Florida Times-Union

Acquires Topeka, KS based Stauffer Communications and

started online services

William S. Morris III serves as Chairman of the Newspaper Association of America

William S. Morris IV is named President of Morris Communications

1996

2001 William S. Morris IV is named CEO of Morris Publishing

6

Summarized corporate structure

Morris Communications Company, LLC

Morris Publishing Group, LLC,

a Georgia LLC

Other Subsidiaries

MCC Outdoor Morris Book Publishing, LLC MCC Magazines, LLC MCC Radio, LLC MStar Solutions, LLC Best Read Guides Franchise Company, LLC MCC Events, LLC Shivers Investments, LLC Morris Air, LLC

Morris PublishingFinance Co.,

a Georgia Corp.

OperatingSubsidiaries

9 months ending September 30, 2003:

% Operating revenues 77% 23%

% EBITDA 93% 7%

7

Investment considerations

Strong management with an average of approximately 30 years of publishing experience

Relatively less cyclical publishing business

Leading competitive position in all of our markets

Complement print media with leading local websites

Operating strategy focused on increasing readership & reducing costs

Low leverage and strong cash flow generating model

Leading provider of local news, advertising and information

8

Geographically diverse, focused on local markets

Total 2002 revenues = $433.4 million

Daily circulation>50,000Daily circulation<50,000

Corporate headquarters

ARConway

FLJacksonvilleSt. AugustineWinter HavenGA

AthensAugustaSavannah

KSDodge CityNewtonPittsburghTopeka

MIHillsdaleHolland

MNBrainerd

MOHannibalIndependence/

Blue Springs

NEGrand IslandYork

OKArdmoreShawnee

SDYankton

TXAmarilloLubbock

26 daily newspapers

TNOak Ridge

AKJuneauKenai

Morris also publishes 11 non-daily and 23 free community newspapers

‘02-’07householdgrowth U.S.

Morris’ topsix markets

Growth 6.0% 7.0%

Source: DemographicsNow

9

Stability in revenue base

Year-over-Year revenue changeMorris Publishing 9mos’03 revenues

Total = $322.9 million

Circulation17%

Other4%

Advertising79%

1 Industry includes newspaper revenue of Gannett, Journal Register, Knight Ridder, New York Times, McClatchy, Pulitzer

(15)%

(10)%

(5)%

0%

5%

10%

15%

1998 1999 2000 2001 2002 9mos2003

Morris Industry¹

10

Relatively less cyclical advertising mix

9mos’03 Morris ad revenue segmentation Category advertising spend

Source: Newspaper Association of America; Wall Street researchSource: Company

Total = $256 million

Classified40%

National7%

Retail53%

(20)%

(15)%

(10)%

(5)%

0%

5%

10%

15%

20%

1996

1997

1998

1999

2000

2001

2002

2003

E

Retail National Classified

Year-over-Year change

11

(20)%

(15)%

(10)%

(5)%

0%

5%

10%

15%

20%

1998 1999 2000 2001 2002 9mos 2003

Morris classifieds are more stable than peers

Classified revenue, Year-over-Year % change

Source: SEC filings and Company financials

MorrisGannett

Journal Register

Knight Ridder

E.W. Scripps

Tribune

12

Newspapers take the largest share of local advertising . . .

Source: Wall Street research

U.S. local advertising market mix - 2003E

$ 85 billion market ... $ 37 billion newspaper opportunity

Newspaper43%

Broadcast TV15%

Cable TV5%

Radio18%

Yellow Pages14%

Other2%

Outdoor4%

13

. . . and deliver significant results for their customers

Medium most used to check advertising prior to making a purchase

Source: Scarborough Research

14

Competition from other local media

2002 market share by media

Source: BEA, Company analysis

Newspaper is the primary media source

$207

$62$51

$37$51 $4245%

51% 55% 58% 45% 53%

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Leader in daily circulation

Market Morris %share #2 %share #3 - #4 %share

Jacksonville, FL 99% 1% -

Augusta, GA1 81% 17% 2%

Savannah, GA 97% 3% 0%

Topeka, KS 96% 3% 0%

Lubbock, TX 94% 6% 0%

Amarillo, TX 97% 3% 0%

% share of daily circulation

1 Includes Aiken, SCSource: Audit Bureau of Circulation, Most Recent Audit Reports, 2001 and 2002

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Key daily newspapers Dominant media in an isolated market - 96.5% of daily newspaper circulation Household income is expected to grow almost 40% faster than the national

average through 2007

AmarilloAmarillo

LubbockLubbock

AugustaAugusta Household growth is expected to exceed U.S. average by 29% through 2007 Limited daily newspaper competition

Rapidly growing market with strong manufacturing and tourist sectors and nation’s 5th largest cargo port

Household growth in the MSA is projected to grow 19% faster through 2007

Among the highest profit margins of any newspaper in the Morris group Household income expected to grow 37% faster than the U.S. average through

2007

SavannahSavannah

TopekaTopeka High advertising and newsroom color capacity through renovation of packaging

and distribution facility and new press Stable and consistent cash flow performance with little to no print competition

Source: DemographicsNow SRC, LLC Demographic data copyrighted 2002 by Experian/Applied Geographic Solutions

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The Florida Times-Union

Circulation of 166,812 daily and 228,865 on Sundays

Population grew 21% between 1990 and 2000

Consistently generates one of the highest cash flow margins in the company

A strong advertising market share among major Morris newspapers

Penetration is 33% for Daily and 45% for Sunday in the Jacksonville market

Average readership in the core market is 37% for Daily and 56% for Sunday newspapers

Strong internet presence

2002–2007 Household growth

Source: DemographicsNow

Upside potential from Super Bowl 2005

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Growing online focus and initiatives

Every Morris daily newspaper has a complementary website

Source: Borell Associates Inc., 2003

2002 share of local advertising spending

Newspaper sites

Three portals (MSN, AOL & Yahoo)

TV & Radio sites

Online Yellow pages

Onlineverticals

Preferred medium to get local information

Source: Technographics Research, March 27, 2003

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Industry leading websites driving growth

NAA Digital Edge Awards1

CompanyNo. of

awards

Morris Publishing 16

Washington Post 9

Tribune 9

New York Times 7

E.W. Scripps 6

Knight Ridder 5

McClatchy 4

Belo 3

Gannett 1

1 Awards presented 1998-2002

Source: Company data

Morris page impressions (millions)

1998

- 20

02 C

AGR = 76

%

Source: Newspaper Association of America

20

Readership Niche publications

High editorial quality and targeted market focus

Editorial quality drives readership loyalty

Source: Morris reader behavior study, October 2002

Maximizing advertising market share

21

Key initiatives to further improve profitability

Participating in Shared Service Center Simplifying, standardizing & centralizing most administrative

functions Leveraging purchase power Participation in a newsprint consortium Cost synergies by leveraging technologies Expect to fully implement by end of 2005, and save up to $10

million per year

Creation of operating efficiencies Consolidation of printing and back office production activities by

producing our weekly newspapers, free distribution shoppers, additional niche or regional publications using the facilities of daily newspapers

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FINANCIAL OVERVIEWFINANCIAL OVERVIEW

23

1998 1999 2000 2001 2002 9mos 2002 9mos 2003

Advertising Circulation Other

Historical revenue mix

($ millions)

$329.3 $341.7 $356.8 $341.9 $343.0$251.4 $255.9

$77.7$77.1

$76.5$74.8 $71.9

$53.9 $53.5

$25.1$22.1$429.5 $433.4$437.5

$455.4$443.9

$319.0 $332.9

$13.6

$18.5$20.8$22.5

Year-over-year change 3.4% 2.6% (3.9)% (0.9)% 1.2%

$13.5

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Cost structure and profitability

1998 1999 2000 2001 20029mos2002

9mos2003

Revenue $429.5 $443.9 $455.4 $437.5 $433.4 $319.0 $322.9

Labor and employee benefits 142.4 153.4 161.2 163.1 162.5 118.8 127.4

% of sales 33.2% 34.6% 35.4% 37.3% 37.5% 37.3% 39.4%

Newsprint, ink and supplements 66.2 61.6 66.4 62.2 48.8 36.4 37.6

% of sales 15.4% 13.9% 14.6% 14.2% 11.3% 11.4% 11.6%

Other operating costs 106.4 108.4 113.0 106.2 110.1 77.3 82.6

% of sales 24.8% 24.4% 24.8% 24.3% 25.4% 24.2% 25.6%

Depreciation and amortization 29.8 30.4 31.8 31.8 18.1 13.5 11.0

EBITDA $114.2 $120.1 $114.2 $104.1 $111.7 $86.4 $75.1

EBITDA margin 26.6% 27.1% 25.1% 23.8% 25.8% 27.1% 23.3%

Historical operating costs ($ millions)

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EBITDA comparison to peers

2000 EBITDA margins 2001 EBITDA margins 2002 EBITDA margins

1 Average of Dow Jones, Lee Enterprises, Tribune, Journal Register, Knight Ridder, Media General, Hollinger, MediaNews, McClatchy, Liberty Group Publishing, New York Times, RR Donnely

Morris Morris Morris

26

Near-term profitability

25.8%

23.3%

2002 9mos 2003

EBITDA margin

Strategic investment in “Shared Service Center”

Duplicative work force during transition phase

Cost synergies by leveraging technologies

Consolidation of printing, production & back office activities

28-30%

Target

27

Growing cash flows

$41

$49

$57

$47

$58

2000 2001 2002 9mos 2002 9mos 2003

36%

52%

65% 63%

47%

2000 2001 2002 9mos 2002 9mos 2003

Pre-tax free cash flow Pre-tax free cash flow/EBITDA$ millions

Note: Pre-tax free cash flow is defined as EBITDA less interest expense, less capex, less change in working capital

28

Summarized corporate structure

Morris Communications Company, LLC

Morris Publishing Group, LLC,

a Georgia LLC

Other Subsidiaries

MCC Outdoor Morris Book Publishing, LLC MCC Magazines, LLC MCC Radio, LLC MStar Solutions, LLC Best Read Guides Franchise Company, LLC MCC Events, LLC Shivers Investments, LLC Morris Air, LLC

Morris PublishingFinance Co.,

a Georgia Corp.

OperatingSubsidiaries

9 months ending on Sept 30, 2003:

Revenues $322.9 $94.2

% Revenues 77.4% 22.6%

EBITDA $75.1 $5.4

% EBITDA 93.3% 6.7%¹Shivers Investments, LLC is an unrestricted subsidiary

29

Capital structure

As of September 30, 2003

Debt

Revolver (Sept ’10) $19.0

Term loan (March ‘11) 225.0

Total credit facilities $244.0

New Senior subordinated notes 300.0

Total debt $544.0

Member’s deficit (134.1)

Total capitalization $409.9

Total debt/ LTM EBITDA 5.4x

LTM EBITDA/ Interest expense 4.2x

($ millions)

30

4.5x

5.0x

5.2x

4.6x

5.0x5.1x

4.7x

5.4x

$583

$544

$545

$566

$538$516

$513

$522

1998 1999 2000 2001 2002 Mar'03 June'03 Sep'03

Leverage profile

Credit statistics

Total debt LTM debt/EBITDA